Wilcon Depot Inc., a retailer of construction materials, said its income last year surged by 50 percent to P3.84 billion from the previous year’s P2.56 billion, driven mainly by the increase in sales and gross margin rate expansion. Know more:
Wilcon Depot Inc., a retailer of construction materials, said its income last year surged by 50 percent to P3.84 billion from the previous year’s P2.56 billion, driven mainly by the increase in sales and gross margin rate expansion.
“There was marked increase in private construction activities toward the end of the first quarter up to the end of the year despite strong inflationary pressures. Our results also reflected our resilience and adaptability in coping with the myriad challenges of operating in a pandemic-disrupted environment,” Lorraine Belo-Cincochan, Wilcon’s president and CEO, said.
For the fourth quarter alone, the company said its income rose 28 percent to P888 million from the previous year’s P692 million. Net sales, meanwhile, grew 18 percent to P8.84 billion from the previous year’s P7.46 billion, mainly to the continued recovery of old stores particularly Metro Manila branches, which were hit hardest by pandemic-related restrictions in 2021.
Net sales from depot format stores comprised the majority, accounting for 97 percent of total net sales.
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